GBPJPY: Double top bat pattern in play
FxComment | Sep 04, 2015 06:54AM ET
By examining the daily chart of the GBPJPY pair, we will notice that, prices have been dominated by a fine Fibonacci rhythmic that was affirmed by a sustained breakout below 185.00 regions.
This breakout has actuated bears to send the GBPJPY lower, as the Fibonacci symmetry suggests resuming the reversal towards the PRZ-potential reversal zones- of the harmonic bat pattern.
The PRZ of the harmonic structure reside in the 177.30 boundaries, where the GBPJPY pair may correct bullishly.
Of note, the medium-term has turned into bearish, reinforced by the weekly candlesticks formations.
Assessing indicator, trend and momentum indicators attached to our daily studies prove the strength of the current bearish trend.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.